UK insurer Aviva's Igloo fund has appointed Knight Frank to sell the newly developed Bermondsey Square mixed-use scheme in London for a guide price of £34 mln (€43 mln), or a net initial yield of 5.5%.
UK insurer Aviva's Igloo fund has appointed Knight Frank to sell the newly developed Bermondsey Square mixed-use scheme in London for a guide price of £34 mln (€43 mln), or a net initial yield of 5.5%.
The development is home to a mix of leisure, office, retail units and 76 new residential apartments at a 10-minute walk from the Shard and London Bridge. The scheme is fully let.
'Bermondsey Square is a strong example of the fund delivering on its investment strategy,' said Luke Baker, fund manager for the Igloo Regeneration Partnership. 'Now, following the identification, development and letting of the project combined with the related repositioning of the Bermondsey area it is the right time to redeploy investors' capital into new regeneration projects.'
Shaun Roy, head of the specialist investment team at Knight Frank, commented; 'The high level of investment activity on the nearby South Bank over the last 12 months indicates the interest this fringe City location is now demanding.'
